Buying your first home is a big milestone, but like most milestones it can come with a steep learning curve. It’s not just about finding a property you like (or can afford)—it’s about understanding how the process works, what to expect financially, and having a clear plan for navigating everything from lender preapprovals to auctions and settlement beyond that. At Goodlend, it’s our mission to guide you through the process with clarity and care. We know how overwhelming it can feel, especially when you’re hearing different advice from friends, colleagues and even well-meaning family members. Here are the most common missteps we see from first home buyers—and how you can steer clear of them.
1. House Hunting Without Pre-Approval
Falling in love with a home before knowing your borrowing power can lead to wasted Saturday mornings and disappointment. Formalpre-approval gives you a reliable guide to your budget, how much you need to save and signals to sellers that you’re ready to go. It’s the first step in a confident, stress-free property search.
2. Forgetting the Upfront Costs
Beyond your deposit, there are stamp duty charges, building inspections, conveyancing fees, and possibly even lender’s mortgage insurance (LMI). These costs can quickly add up. We help you map out the full picture so you’re never caught off guard.
3. Choosing the Wrong Loan Type
Not all loans are created equal. Some first-home buyers accept the first offer from their bank without exploring options meaning they miss out on getting a better deal. The right loan depends on your income, goals, and unique personal circumstances. We’ll explain the difference between all of the loan features (including fixed, variable and split loans) and the things you can do to maximise your borrowing capacity so you can make an informed decision.
4. Overlooking Lender Comparison Going straight to one bank can limit your options and get you a worse outcome. Many lenders offer different products, incentives, and lending policies and it’s difficult if not impossible for a first home buyer to stay across them all. One lender might favour stable employment, while another may have more flexibility for contractors or those with variable income. That’s why comparing across the market is so important.
At Goodlend, we compare over 30 lenders to find the right fit for your financial situation. We look beyond interest rates to include features, flexibility, and approval likelihood based on your unique profile. We do the homework, so you don’t have to.
5. Missing Out on First Home Buyer Incentives
There are government grants, stamp duty concessions, and low-deposit schemes that can ease the financial pressure. We make sure you’re across every benefit you might be eligible for, and help with the paperwork too.
How Goodlend Supports First-Time Buyers
At Goodlend, we take the time to understand what matters most to you as a first-time buyer. We walk you through each stage of the loan journey, from understanding your borrowing power to comparing lenders, applying for grants, and navigating paperwork. We’re across the different lender policies, know which government schemes are still active, and help you work through timelines, approvals, and the next steps after your offer is accepted.
Our goal is to help you make decisions with confidence, not confusion. We explain your options in simple terms and stay in touch throughout the process, so you’re never left wondering what’s next. And if your circumstances shift during the process, whether it’s a job change or new savings, we adjust your strategy to suit.
And unlike any other mortgage broker out there when you choose Goodlend to help you, you also help your community. When you finally move in to your first home and your loan settles, we donate a portion of our commission to a cause of your choice. It’s a simple way to give back, and it’s built into how we do business at Goodlend. Talk to us today about how we can support your home loan journey.
